Russia’s VTB bank is ridding itself of non-core assets to honour its obligations to investors. The bank will soon put 100% in the ALMAZ PRESS printing house up for sale. Market players view ALMAZ PRESS as an attractive asset, valuing it at $150 million. ALMAZ PRESS is fitted out with printing equipment provided by the German HEIDELBERG concern and the MAN ROLAND company. Its turnover is estimated at between E70 million and E75m annually. VTB earlier promised to make at least the same net profit in 2007 as last year. To keep its promise, the bank will have to sell off part of its assets, analysts said. The PUSHKIN SQUARE and ALMAZ PRESS printing houses now hold 20% of the market for large editions. The entire market has an estimated capacity of about E600 million a year, with growth rates on the market put between 15% and 20% annually.
Source: RBC DAILY, November 1, 2007
